Donald Sherman testifies on Trump’s foreign business interests and conflicts of interest
President Trump and his administration’s actions have opened the door to foreign influence through an array of foreign conflicts of interests, while limiting the government’s ability to prevent and detect corruption, fraud, waste and abuse. CREW President Donald Sherman is testifying today before the House of Representatives Committee on Foreign Affairs Subcommittee on South and Central Asia, explaining the impact of President Trump’s foreign conflicts of interest on our national security and how this corruption harms Americans’ safety and prosperity.
In 2025, Trump made over $2 billion monetizing the presidency, including over $117 million from overseas business. His administration’s policies and official actions have often overlapped with his or his family’s business interests. In one especially troubling example, an investment vehicle backed by the United Arab Emirates national security advisor bought a 49% stake in Trump’s crypto venture, World Liberty Financial, for $500 million, just days before President Trump’s second inauguration. Months later, the Trump administration handed over America’s most sensitive AI chips technology to the UAE despite national security concerns. Trump’s son-in-law, Jared Kushner, who Trump named as a Special Envoy for Peace, is involved in America’s most serious national security decisions. Meanwhile, his private investment firm benefits from a $2 billion investment Kushner secured from Saudi Arabia’s sovereign wealth fund, and he has been actively soliciting business from other countries where he is involved in official actions and negotiations. There’s still no evidence he’s filed a financial disclosure statement.
The Founding Fathers recognized that foreign financial entanglements could corrupt the presidency and country, and to prevent that corruption, they included the Foreign Emoluments Clause in our Constitution. The clause bars the president and other senior federal officials from receiving profits, gains or advantages from foreign governments, without the consent of Congress. Foreign governments’ continued investments in Trump’s crypto and other businesses potentially violate that essential constitutional protection.
Amidst this significant corruption and the threats it poses to national security, the Trump administration has systematically disrupted, weakened or outright eliminated the guardrails meant to protect against waste, fraud and abuse. Most notably, President Trump unlawfully fired 17 inspectors general, including State Department IG Cardell Richardson Sr., during his first week returning to office.
Given the continuation of the president’s war of choice with Iran, Congress must urgently address Trump’s foreign conflicts of interest. This effort should include conducting vigorous oversight, passing legislation to enforce the Emoluments Clauses and additional legislation to ensure that companies owned or operated by a president or their immediate family members are not eligible to receive government contracts.
View the livestream of the hearing here: